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CORPORATIONS ACT 2001 - SECT 1237H

Statutory demand--determining application to set aside where there is a dispute about the sub-fund

             (1)  This section applies if:

                     (a)  a CCIV applies under section 459G for an order setting aside a statutory demand served on the CCIV; and

                     (b)  within the statutory period referred to in subsection 459G(3):

                              (i)  a notice complying with subsection (6) is filed with the Court; and

                             (ii)  a copy of the notice is served on the person who served the demand on the CCIV; and

                     (c)  the information specified in the notice about a debt is not the same as the information specified in the demand about the debt; and

                     (d)  section 459H does not apply.

             (2)  The Court must determine the following information for the debt:

                     (a)  the sub-fund or sub-funds of the CCIV of which the debt is a liability;

                     (b)  if the debt is a liability of 2 or more sub-funds of the CCIV--the proportion of the debt allocated to each sub-fund.

             (3)  If the information determined by the Court under subsection (2) is different from the information specified in the demand, the Court may make an order:

                     (a)  varying the demand as specified in the order; and

                     (b)  declaring the demand to have had effect, as so varied, as from when the demand was served on the CCIV.

The order may be made subject to conditions.

             (4)  This section has effect subject to section 459J.

             (5)  Section 459L has effect as if the orders referred to in that section included an order under this section.

             (6)  A notice complies with this subsection in relation to a statutory demand if the notice specifies the following information for each debt to which the demand relates:

                     (a)  the sub-fund or sub-funds of the CCIV of which the debt is a liability;

                     (b)  if the debt is a liability of 2 or more sub-funds of the CCIV--the amount of the debt allocated to each sub-fund.



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